I have no idea whether George Santayana was a good philosopher, but he certainly was right when he wrote, “Those who do not learn from history are doomed to repeat it.”
Consider the fools in the U.S. Senate. They just voted to expand Fannie Mae and Freddie Mac subsidies, apparently thinking that re-inflating the housing bubble would be a good idea when every sensible person thinks we should abolish these government-created entities.
Here are some blurbs from the Business Week story.
The U.S. Senate adopted a measure that would raise the maximum size of a home loan backed by mortgage companies Fannie Mae, Freddie Mac and the Federal Housing Administration to $729,750. Senator Robert Menendez, a New Jersey Democrat, offered the increase as an amendment to a spending bill today. The measure was approved less than a month after the limit on so-called conforming loans was automatically reduced to $625,500. …The Senate adopted the amendment 60-31. The amendment required 60 votes for approval and was offered during the chamber’s consideration of a package of spending measures. If the Senate passes the underlying bill, the House would then have to vote for it to become law. …The limits, which vary by locale, apply to loans backed by the FHA and government-controlled mortgage companies Fannie Mae and Freddie Mac, which together buy or guarantee about 90 percent of all residential home loans.
For what it’s worth, every Democrat voted for the measure, as well as these Republicans.
Blunt – Missouri
Brown – Massachusetts
Chambliss – Georgia
Graham – South Carolina
Heller – Nevada
Isakson – Georgia
Murkowski – Alaska
Snowe – Maine
Maybe these feckless and irresponsible jokers should spend a bit of time reading Peter Wallison’s work. And here’s a George Will column if they can’t comprehend anything longer than 800 words.
[…] some politicians can’t resist because of their desire to buy […]
[…] has pushed for more risky housing handouts, often aided and abetted by Republicans who care more about pleasing lobbyists than protecting […]
[…] has pushed for more risky housing handouts, often aided and abetted by Republicans who care more about pleasing lobbyists rather than protecting […]
[…] are doomed to repeat it.” Consider, for instance, the foolish American politicians who want to rejuvenate Fannie Mae and Freddie Mac and other forms of housing subsidies even though we’re still dealing with the havoc of the last […]
[…] are doomed to repeat it.” Consider, for instance, the foolish American politicians who want to rejuvenate Fannie Mae and Freddie Mac and other forms of housing subsidies even though we’re still dealing with the havoc of the last […]
[…] are doomed to repeat it.” Consider, for instance, the foolish American politicians who want to rejuvenate Fannie Mae and Freddie Mac and other forms of housing subsidies even though we’re still dealing with the havoc of the […]
[…] bail out the housing sector, or to bail out Medicare? Fannie and Freddie, or GM and […]
[…] bail out the housing sector, or to bail out Medicare? Fannie and Freddie, or GM and […]
[…] bail out the housing sector, or to bail out Medicare? Fannie and Freddie, or GM and […]
[…] complained last month when 8 Republican senators voted to expand housing subsidies via Fannie and Freddie. Well, 17 GOP […]
[…] complained last month when 8 Republican senators voted to expand housing subsidies via Fannie and Freddie. Well, 17 GOP […]
[…] cite just one example, why do the clowns in DC think that the housing sector would crumble without government handouts, intervention, and subsidies? GA_googleAddAttr("AdOpt", "1"); […]
Excuse me, but it is no longer a ‘Housing Bubble’. It is a ‘Forclosure Bubble’. And I think we need to do something. Like this –
http://kxars.blogspot.com/2010/12/economic-plan-to-save-america.html
Sure, it sounds insane. How can the idea of retreading the same defective tire create a better and more stable ride on the long, rough road of this economy? The simple truth is these are not very bright people. Just because they won an election does not multiply their intelligence quotient upon taking the oath of office. Among their ranks will be found a few personal leaders, but most are followers. Coupling low intelligence with a ‘sheeple’ mentality is always a recipe for disaster. We have entrusted people who can’t even boil water to do the work of a master chef. We are now being served an excrement entrée as a result. I wonder what the main course shall be? Bon Appétit!
It’s all about doing something that makes voters think it benefits them, and then getting the votes to get re-elected. It’s all about maintaining power. It’s all about keeping your job by fooling your bosses (voters). It’s all about politics. And it all stinks!